A commission-free cryptocurrency trading platform, Robinhood, has won over the regulators in New York, resulting which, commission free trading could be possible within months.
The company won BitLicense, a digital currency license, and a money transmitter license in New York.
This will let New Yorkers to invest and trade in digital currencies on the Robinhood platform, and marks another important step towards its mission of democratizing the existing financial system.
Robinhood Crypto: What Is It?
Robinhood allows consumers to invest in 7 cryptocurrencies including without paying a commission. The platform is available in over 30 US states and will roll out in New York over the coming months.
The company, on its website, said –
“As we introduce new financial products, we’re committed to partnering with regulators to ensure compliance with industry requirements.”
This announcement is the evidence of this commitment.
“We’re excited to bring commission-free cryptocurrency trading to New York, and look forward to coming to more states soon.”
The Robinhood co-CEO, Vlad Tenev, said the new license will complement the the massive suite of investment services that New Yorkers already have access to on the platform.
Also, the DFS granted the cryptocurrency license to LibertyX, whose users will be allowed to use debit cards for purchasing Bitcoin from traditional ATMs.
The DFS, in a statement, said –
“It continues to advance responsible innovation in New York’s fintech industry.”
In Asia, Bitcoin traded 0.62% higher to $3,576.2 by 10:45 PM ET.
In other news, the government of Italy made its first regulatory move in the space of blockchain.
Also, it states that a blockchain-powered digital data record will help a legal validation of documents at the time of registration.